Posted on 12/01/2012 7:11:15 AM PST by Kaslin
Many Americans didn't bother to vote in the past presidential election, some out of apathy or a belief that the election would hardly affect them. They are in for a rude awakening now that Obama has won re-election. His Santa Claus false promises are unsustainable, so there are going to be few winners and a lot of losers as he redistributes wealth. Obama ran on a platform of making the rich “pay their fair share of taxes,” but raising taxes on the wealthy will only fund the federal government for eight days a year. In order to even partially keep up with federal spending and debt payments, he will have to find new ways to take money from the middle class.
Private sector 401k and IRA owners are first on the Democrats' radar and may see their plans taken away soon. House Democrats are planning on eliminating those tax breaks and converting the private plans to government-controlled retirement accounts, where they will be at risk for insolvency.
The poor and lower middle classes filing bankruptcy are the next demographic being selectively targeted by the Obama administration. Last spring, federal bankruptcy courts and trustees started aggressively going after the paltry assets and incomes of the poorest Americans filing bankruptcy, demanding portions of their low wages, and assets such as their only car, in order to bring in more money for federal coffers and declare that bankruptcies have gone down under Obama. This was implemented despite federal bankruptcy laws' promise of a “fresh start” for the poor filing bankruptcy. Last year, bankruptcy courts targeting the poor like this was unheard of. Now, millions of Americans in the real estate industry who lost their jobs are finding out there is little relief for them in bankruptcy, as they are forced to pay bankruptcy attorneys to defend them in additional proceedings that can drag out for months.
Certain industries, anticipating worse economic times with Obama's re-election, have begun laying off thousands of workers. Some CEOs boldly announced the layoffs the day after the election, blaming them on Obama. The main industries laying off employees include technology, wireless, retail, grocery and healthcare, where the lowest-level employees have been hardest hit. Restaurant chains like Papa Johns are slashing employees' hours to less than 40 hours a week in order to avoid the expense of Obamacare and are raising prices.
Many middle class Americans will see their pensions eliminated or slashed, financially devastating for those under 55 years old who are aware that Social Security will be insolvent by the time they retire. The percentage of workers in America covered by a traditional pension plan fell from 62 percent in 1983 to 17 percent in 2007.
Government employees, represented by Obama-supporting public unions, fought tooth and nail to ensure that Obama won re-election, but Obama is not saving all their jobs and pensions. Older Americans falsely believed that if they paid into a government pension and relied upon it, it would be there for them when they retired. This is not true; it is no longer just newly hired employees who need to worry about losing their pensions. One retired firefighter in Rhode Island had his pension cut by $1,100/mth, and other firefighters saw their pensions cut by more than half. Several states have cut cost of living increases for existing pensioners. Many state and local governments are laying off employees. This is a pattern that is increasing, not decreasing around the country.
Non-union members are losing their pensions at an even higher rate than union employees. 20,000 auto employees lost most of their pensions when the U.S. Treasury Department decided to bail out General Motors. At the same time, those GM employees who were part of the United Auto Workers Union saw their pensions topped off and preserved. Pensions in the private sector are increasingly underfunded. Verizon's private pension plan is underfunded by $3.4 billion. If economic conditions continue to deteriorate, bankruptcy may not protect them. When corporations file bankruptcy, the courts tend to let them out of pension obligations to employees and retired employees.
Americans living in states where private sector employees are outnumbered by those dependent on government will be affected the worst. Known as “death spiral states,” these 11 states are considered high risk for economic default, shunned by investors. Americans in the real estate, investment, hospitality and tourism industries especially will face tougher times in these states over the next few years as those industries shrivel up and lay off workers, and municipal bankruptcies increase. Financial affairs in Stockton, California, have gotten so bad that police will only respond to calls for assistance if there is “blood involved.” Since 2009, the city has cut 25 percent of its police officers, 30 percent of its Fire Department and over 40 percent of all other city employees.
Everyone is familiar with troubled Hollywood star Lindsay Lohan's multiple prosecutions for theft, drunk driving incidents, traffic accidents and drug use. Yet no matter how many times she is arrested, she never serves more than a few days in jail because Los Angeles County cannot afford to lock up anyone but the most serious felons.
These are a just a few of the many ways Obama is stealthily taking away more money from the middle class. He brazenly targets certain types of Americans for austere fiscal measures, while giving others a free pass. He bails out Government Motors and its union employees with taxpayers' money, while Americans in the real estate industry who did nothing wrong are hassled for months as they try to file bankruptcy, with some of their bankruptcies ultimately thrown out. The liberal-dominated media has helped Obama accomplish this by failing to write about the selective targeting. Instead, the media hypes up stories of Obama playing Santa Claus. Obama does not care about the middle class, he cares about which special interests, such as unions, can contribute the most to Democrats' elections.
If Mitt Romney had been elected president, he would have pulled government out of the business of choosing winners and losers, allowing the private sector to create jobs and wealth again. Instead, the U.S. has turned into a feeding frenzy, with Americans fighting and clawing for whatever they can get at the expense of their neighbors.
My own opinion is that he is trying to spark some serious inflation.
For some reason people don’t get very upset when the value of their money is stolen vs having the actual money stolen.
He won’t need to upset anyone by doing this.
I am thinking of doing that maybe near the end of December.
Good article. Well worth the read.
That would be straight up theft!
Elections have consequences.
Are we so sure they’ve been going after the ‘poor’ filers of bankruptcy—wanting to avoid paying their bills, but keep their assets?
“Private sector 401k and IRA owners are first on the Democrats’ radar and may see their plans taken away soon. House Democrats are planning on eliminating those tax breaks and converting the private plans to government-controlled retirement accounts, where they will be at risk for insolvency.”
Conversion of existing IRA, 401k to government annuities could trigger a series of critical events. The real threat of conversion or confiscation would result in panic withdrawals from these accounts. Government could counter by freezing retirement withdrawals which would then likely result in panic withdrawal of regular bank accounts, stock and bond portfolios and capital flight. Freezing these accounts would essentially shut down commerce and markets. Businesses would fail and those that survived would stop sending in quarterly taxes. As the government was deprived of income, benefits would not be paid and welfare mobs would riot. Then we will have tyranny or anarchy depending on your location.
It doesn’t take much to start a stampede, and once it starts, it is very difficult to stop.
California is about to release over 100,000 prisoners who are incarcerated. “They cannot afford to keep them out of the population who can behave”.
They will be released in 3 batches—the worst will be released last, and include serious felony cases & serious sex offenders-most likely to repeat their offenses.
A Chicago thief in the White House. Good job America. Everybody gets a trophy!
Realize this:
All your 401 money is yours.....
When you die, all the balance can be inherited by your chosen beneficiaries.
When Obama siezes all your 401 money and ‘folds it into a Federal retirement plan”——and you die—there will be not ONE RED CENT left for your family.
Many Americans have had their 401’s and other private pension plans for over 35 years. To set that money aside, under a formula that was told to you up front & then to have the ‘rules changed’ when you are about to use that money is just plain fraud.
But- the Dems are the masters of fraud.
I believe such an action will trigger a revolution and it won’t be pretty for the Libs.
Redneck Kharma
Our savings are insured by the FDIC, so if the federal government takes our savings some of us will simply help ourselves to bank funds to replace what was taken.
They may object to our methods, but hey—six of one, a half dozen of another. What goes around comes around.
Probably true - the fruits of generations of public school education and erasing of any understanding of what built this country and its economy.
Going after assets benefits creditors or the trustee, not the government.
I hope you have some serious support system.
IF you have money in an IRA, etc, you are in for a big shock.
That would be straight up theft!”
Obama doesn’t care.
Neither does Pelosi or Reid, etc.
The prior bank failures have seriously damaged FDIC funds.
On that topic—remember when we always got word of a few bank failures every Sat AM or Mon AM? The failures have not stopped-—but the announcing of those failures has.
Have not heard of any for over a year.
LOL, another 4 years of confiscation and reditribution by the African communist and his “black agenda” administration.
Congratulations, America.
As for me, I have fertile land, well water (and a creek), a big wood stove (with cooktop), acres of ash trees, a big dog, and I’m armed to the teeth. Plus, I’m nowhere near any concentrated Democrat parasite nest (”city”).
Good luck, everybody.
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